BBCMS 2023-C20

Data as of loan data through September 2026; ratings as held in the dataset at build

Current pool balance: $816.2M (September 2026)
Original pool balance: $825.2M
Loans at issuance: 64
Closing date: 2023-07-11
Weighted average coupon at issuance: 6.57%
Weighted average LTV at issuance: 21.5%
30+ delinquent (latest): 0.00%
Realized stress score: 33.7
Net rating change since issuance: +0.00 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$4.6M	99.44%	5.862% fixed	07336DAS0	PIF	WR	NR	not yet reported	not yet reported
A-2	$149.2M	81.36%	6.383% floating (WAC)	07336DAT8	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-3	$29.9M	77.74%	5.991% fixed	07336DAU5	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-4	$111.8M	64.18%	5.310% fixed	07336DAV3	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-5	$276.9M	30.62%	5.576% fixed	07336DAW1	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-S	$107.3M	17.62%	5.973% floating (WAC)	07336DBA8	AAA	AAA	AA- (sf)	not yet reported	not yet reported
A-SB	$5.1M	17.00%	5.860% floating (WAC)	07336DAX9	AAA	AAA	AAA (sf)	not yet reported	not yet reported
B	$37.1M	12.50%	6.167% floating (WAC)	07336DBB6	AA-	AA-	NR	not yet reported	not yet reported
C	$21.2M	9.93%	6.828% floating (WAC)	07336DBC4	A-	A	NRprelim	not yet reported	not yet reported
D-RR	$13.9M	8.25%	6.828% floating (WAC)	07336DAB7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
E-RR	$9.3M	7.13%	6.828% floating (WAC)	07336DAD3	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
F-RR	$8.3M	6.13%	6.828% floating (WAC)	07336DAF8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$14.4M	4.38%	6.828% floating (WAC)	07336DAH4	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
H-RR	$10.3M	3.13%	6.828% floating (WAC)	07336DAK7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
J-RR	$25.8M	0.00%	6.828% floating (WAC)	07336DAM3	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	07336DAQ4	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
S	not yet reported	not yet reported	not yet reported	07336DAP6	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$577.6M	Interest only	1.069% floating	07336DAY7	AAA	AAA	AAA (sf)	not yet reported	not yet reported
X-B	$144.4M	Interest only	0.805% floating	07336DAZ4	AA-	AAA	NR	not yet reported	not yet reported

Credit support is computed from the class stack order in the prospectus: the share of the deal's principal balance in classes junior to the class. Interest-only classes carry a notional balance and no principal support figure. Ratings are the latest held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full. Any other status value is shown exactly as the agency reports it. A + after a CUSIP marks a class with companion CUSIPs in the dataset.

Pool at issuance

Loans	64
Original loan balance	$1.31B
Weighted average coupon	6.57%
Weighted average LTV	21.5%
Median loan LTV	13.0%
Full-term interest only (share of balance)	89.9%
Balloon loans (share of balance)	62.9%
Largest loan (share of balance)	6.3%
Five largest loans (share of balance)	26.4%
Occupancy at issuance (weighted average)	91.1%

Realized outcomes

Months reported	39
Peak 30+ delinquency	0.00% (July 2023)
Ever severe (share of original balance)	3.73%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	34.59%
Maximum servicer advances (share of balance)	0.18%
Median DSCR, first year	1.67
Median DSCR, latest	1.59
Realized stress score	33.7

Property types

Property type	Original balance	Share of pool
Office	$435.3M	33.1%
Retail	$385.3M	29.3%
Industrial	$196.8M	15.0%
Mixed use	$159.3M	12.1%
Lodging	$88.2M	6.7%
Multifamily	$30.8M	2.3%
Manufactured housing	$17.4M	1.3%

Property type is reported for 100.0% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
Fashion Valley Mall	San Diego, CA	$82.5M	6.3%	5.73%	2023
CX - 250 Water Street	Cambridge, MA	$75.1M	5.7%	5.51%	2023
Phoenix Huntsville II	Huntsville, AL	$67.5M	5.1%	6.60%	2023
Healthcare Trust MOB Portfolio	not yet reported	$61.5M	4.7%	6.45%	2023
One & Two Commerce Square	Philadelphia, PA	$60.0M	4.6%	7.79%	2023

Delinquency and stress indicator

▬ 30+ days delinquent · ▬ Distressed (90+, foreclosure, REO, non-performing matured)

Monthly shares of the deal's reported balance, from the deal indicator series in the dataset. Months in which fewer than half of the reported loans carry a delinquency status code are not plotted.

Ratings

Classes with a CUSIP	19 of 19
Classes with a current rating in the dataset	11 of 19
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	Not crossed in the dataset
First downgrade	None recorded

Sources: SEC Form ABS-EE asset-level reports, Form 10-D distribution reports and the deal prospectus; rating histories published under SEC Rule 17g-7(b) and agency releases. Definitions are in the methods note on the market page.